Business Management 2019

Operational planning is planning that is

• Long-term planning

• Short-term planning

• General planning

• Seasonal Planning

A formal summary of a businesses goals and values is a

• Policy

• Business Plan

• Schedule

• Mission statement

What is a business plan?

• A list of promotional ideas

• A document that defines a businesses strategies

• An estimation of the income and expenses of a business

• A calendar of activities for a business

Strategic planning is

• Long term planning

• Short term planning

• General Planning

• Seasonal Planning

What business type has full liability?

• Sole Proprietorship

• Partnership

• LLC

• Corporations

Which business type is the easiest and commonly formed?

• Sole proprietorship

• Partnership

• Corporation

• LLC

What is an advantage for centralized organizations?

• High cost

• Clear chain of command

• Increased administration

• delays in decision making

Owners of stocks are called what?

• Board of Directors
• President
• Shareholders
• Franchisor

When a business has made enough money to pay its costs and begin to make a profit, it has reached its

• break-even point
• variable-cost margin
• fixed cost
• selling price

Which function of management requires an organization chart and sets up the framework needed for staffing

• staffing

• organizing

• leading

• Hiring